Question

Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10		Issued 70,000 shares of common stock for cash at $4 per share.
Mar. 1		Issued 12,000 shares of preferred stock for cash at $53 per share.
May 1		Issued 120,000 shares of common stock for cash at $6 per share.
Sept. 1		Issued 5,000 shares of common stock for cash at $5 per share.
Nov. 1		Issued 3,000 shares of preferred stock for cash at $56 per share.

To do;

1. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

2. Post to the stockholders

Answer 1